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Old 4th February 2013, 04:15 PM   #1

Join Date: Sep 2012
Posts: 4
Thumbs down Ugg, Really Ticked At My Bank Right Now. Decline With Excellent Credit?

I own a small business, 30 employees and gross sales over $2.2 million a year. I have been in business for 10 years. I have been with my current bank now for 3 years and I run an average of $150K a month through my checking account at that bank, the other amount goes through my Paypal account. I have one loan with my bank and it has never been late and is past 50% paid off.

I applied for a small lease of $35K and I was declined for "derogatory credit"

My credit score last month was 715, so I just ran it today and it is 724. How much better can I get it??? What an insult.

No my only downfall is 4 years ago things where a little tighter and I let a few payments slip, my credit fell into the 500's for late payments. Once I was aware how bad it got I fixed it. So in 4 years I have not had a late payment, all credit cards are paid off each month and my score has been 690+ for 4 years.

The other kicker is I needed some new manufacturing equipment so I applied for a lease with another company last week that was recommend by the machinery dealer. I was approved for $120K in 15 minutes and in 3 days the machines were paid for.

Why is it our local banks are so ignorant? With millions of dollars a year going through their bank a reject on a $35K lease with low risk credit is an insult.....

Rant over. Thanks for listening.

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Old 5th February 2013, 08:54 AM   #2
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Join Date: Mar 2006
Location: Triangle area, NC, USA, North America, Earth (usually)
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That's insane. I think I would go looking for another bank...


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Whether you think you can, or that you can't, you are usually right.
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Old 11th March 2013, 11:47 AM   #3

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Posts: 12

Maybe your debt-to-equity ratio is too high.

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